Obama to Address 'Fiscal Cliff' on Friday

President Barack Obama will make his first postelection comments Friday about actions needed to avoid the so-called fiscal cliff that could plunge the economy back into recession.

Obama is expected to urge Congress to act, including passing a bill that would prevent Bush-era tax cuts from expiring for all but the wealthiest Americans.

In his address from the White House East Room, Obama is not expected to put forward a specific plan, but instead will call on lawmakers from both parties to work together to tackle the nation's fiscal problems.

The newly re-elected president and Congress face a Jan. 1 deadline to avoid a combination of tax increases and spending cuts that all sides agree would undermine the military and other basic government functions.

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